Chapter I General Principles
Article 1 In order to maintain the normal trading procedures of the Shanghai Gold Exchange (hereinafter referred to as the Exchange) and protect the legitimate rights and interests of all parties to the transaction, these Rules are formulated in accordance with the Measures for the Administration of the Gold Exchange and the Articles of Association of the Shanghai Gold Exchange.
Article 2 The Exchange adheres to the principles of openness, fairness and impartiality, and adopts the trading methods of free quotation, matchmaking, centralized clearing and unified distribution in accordance with the principles of price priority and time priority, and at the same time provides inquiry trading as an auxiliary trading method.
Chapter II Trading Place and Trading Time
Article 3 The trading places of our firm is No.1 Dongyi Road 15, Zhongshan City.
Article 4 The market opens every Monday to Friday (except national holidays).
Opening hours are10: 00am-11:30am;
Afternoon 13: 30- 15: 00.
Chapter III Variety, Quality and Quotation of Transactions
Article 5 The trading varieties are gold, silver and platinum.
Article 6 Gold trading varieties are four standard brands of Au99.99, Au99.95, Au99.9 and Au99.5 and gold coins.
Silver trading varieties are standard brands Ag99.99 and Ag99.95.
Platinum trading varieties shall be determined separately.
Article 7 The standard weights of gold trading varieties are 50 grams of gold bars, gold ingots and legal gold coins, 1 00g,1kg, 3 kg and 12.5 kg.
The standard weight of silver trading varieties is 15 kg of silver ingots.
Article 8 Gold traded on an exchange refers to gold produced by enterprises that can provide standard gold ingots and meet the quality standards of gold ingots on the exchange.
Article 9 The quotation method is RMB ∕ gram, with two decimal places reserved after RMB.
Article 10 The minimum transaction unit is kg, and the minimum delivery quantity is 6kg.
Article 11 The transaction price is the benchmark price for delivery in Shanghai.
Article 12 The exchange shall charge a certain percentage of handling fee according to the transaction amount, which is tentatively set at six ten thousandths at present.
Storage fees and transportation fees are collected and paid by the exchange.
The Exchange reserves the right to adjust the above prices according to the actual market conditions.
Chapter IV Trading Methods
Thirteenth members can choose to conduct transactions on-site or remotely.
On-site trading refers to the trading of members in the places designated by the exchange.
Remote transaction means that members conduct transactions through communication network at the place of their choice.
Fourteenth members who use remote trading can choose to access the trading system through private line or dial-up network.
Article 15 The trading tools in the gold market include spot gold trading and forward gold trading.
The Exchange implements T+0 clearing speed for spot transactions to settle funds, and the time for members to collect gold from designated warehouses is within 3 working days after filling out the application form for gold delivery. Forward gold transaction refers to the transaction in which the buyer and the seller make settlement and delivery T+X days after the transaction is completed (x is the contract term value of forward gold transaction).
The Exchange reserves the right to adjust the trading tools and varieties according to the actual market conditions.
Article 16 Before spot gold trading, the buyer member must deposit the corresponding amount of RMB funds into the account designated by the Exchange in full; Seller members must deposit all gold for sale in the gold delivery warehouse designated by the exchange.
Before the forward gold transaction, the buyer member shall deposit the corresponding amount of RMB funds into the account designated by the exchange according to a certain proportion; Seller members must deposit the gold to be sold in a certain proportion in the gold delivery warehouse designated by the exchange, or deposit a certain amount of RMB funds in the account designated by the exchange. The ratio of the above-mentioned funds to gold is formulated according to the Measures for the Administration of Forward Gold Trading of Shanghai Gold Exchange.
Article 17 For non-standard gold that is not traded on the market, members can inquire and trade through the trading system.
Article 18 In order to prevent abnormal factors from interfering with the transaction price, the transaction ownership shall determine the maximum price fluctuation range (price fluctuation limit) and implementation method of different listed varieties according to the actual situation of the transaction, and will suspend the transaction of this variety according to the decision of the board of directors when necessary.
The fifth chapter quotation clinch a deal
Nineteenth members in the gold trading system through the quotation window.
Article 20 According to the transaction direction, the quotation of members can be divided into buying quotation, selling quotation and two-way quotation.
Buying quotation refers to the quotation for members to buy gold.
Selling quotation refers to the quotation of members selling gold.
Two-way quotation means that members quote both the buying price and the selling price, in which the buying price shall not be higher than the selling price.
The price quoted by the member remains valid during the trading hours of this session until the member completely sells or cancels the quotation.
Article 21 The computer automatic matching system of the exchange shall sort the transaction declarations according to the principles of price priority and time priority.
When the buying price is greater than or equal to the selling price, the transaction will be automatically matched. The matching transaction price is equal to the middle value of the buying price (bp), selling price (sp) and the previous transaction price (cp). Namely:
When bp≥sp≥cp, the latest transaction price = SP.
Bp≥cp≥sp, the latest transaction price = CP.
Cp≥bp≥sp, the latest transaction price = BP.
The previous transaction price (cp) in the first transaction of the day was yesterday's final closing price.
When the quotation has been partially closed, the remaining quotations will continue to participate in the matching and ranking of the day's transactions.
Article 22 The opening price of each transaction is the first transaction price after the opening, and the closing price is the weighted average price of the last five transaction prices.
The fluctuation range of the transaction price is subject to the closing price of the previous trading day.
The weighted average price of the day refers to the weighted average price of the total transaction amount divided by the total transaction amount of the day.
Article 23 After a member sends an offer, the corresponding amount in the fund account corresponding to the offer or the corresponding gold in the gold inventory account will be frozen.
Article 24 Before the quotation ends, members may cancel the original quotation.
Member's withdrawal is only valid for the unfinished part of the original offer. If all the quotations have been sold, the order is invalid.
After a member withdraws the order, the quotation corresponding to the withdrawal freezes the funds or the gold stocks are unfrozen.
Twenty-fifth members can print the transaction form after the quotation is closed.
Article 26 In spot gold trading, 90% of the proceeds from selling gold by members (self-employed or agents) can be used for trading on this trading day; When members buy gold, the gold they get can only be used for trading on the same day, that is, the second trading day, and cannot be traded on this trading day.
Article 27 When the available inventory balance of a member's gold inventory account is positive, the gold bill of lading can be printed through the trading system.
The goods delivered by members shall be handled in accordance with the relevant provisions of the Measures for the Administration of Gold Delivery of Shanghai Gold Exchange. Chapter VI Liquidation and Delivery
Article 28 An exchange shall follow the principle of centralized, direct and net fund settlement.
Article 29 Before spot gold trading, the buyer member (self-employed or agent) must deposit the corresponding amount of RMB funds into the account designated by the Exchange; Seller members (self-employed or agents) must deposit all gold for sale in the gold delivery warehouse designated by the exchange.
Article 30 The Exchange shall settle the cash transactions at the clearing speed of T+0, that is, deduct the funds from the margin account of the buyer member (self-operated or agent) on the trading day, transfer them to the margin account of the seller member (self-operated or agent), and then transfer them to the special account (self-operated or agent) opened by the seller member in the clearing bank on the next business day.
Article 31 The exchange implements the delivery principles of "selecting warehouses to enter" and "selecting warehouses to take goods", and members can freely choose the delivery warehouses to deposit gold or withdraw gold.
Article 32 After the closing of the trading day, the Exchange shall transfer the property right for the buyer and the seller.
Article 33 On the trading day, the buyer's member (self-employed or agent) can fill in the application form for gold delivery at the trading end 30 minutes after trading on the exchange, or fill in the application form for gold delivery at any time as needed or conduct trading the next day. The application form for gold delivery shall be filled in at any time during the working hours of the exchange (suspended within 30 minutes after the end of the exchange transaction).
Article 34 The time for a member to collect gold from the designated warehouse is within 3 working days after filling out the Application Form for Gold Delivery (within 5 working days after filling out the Application Form for Gold Delivery in remote areas), and the effective collection period is the fifth working day after filling out the Application Form for Gold Delivery.
Article 35 Members shall pay gold storage, transportation fees and other related fees in accordance with the Measures for the Administration of Gold Delivery of Shanghai Gold Exchange.
Chapter VII Information Statistics
Article 36 An exchange shall timely and accurately publish the market quotation and relevant market information of the day.
Article 37 The information released by the Exchange includes:
1. public * * *: including the opening price, highest price, lowest price, latest price, closing price, weighted average price of the day, price fluctuation, price fluctuation, volume and transaction amount of the specified transaction.
2. Optimal Quotation Distribution Map: Displays three optimal price points for each transaction.
3. Real-time market chart: shows the latest trading price trend in the market.
4. International gold market quotation: displays relevant quotations in the international gold market.
5. Historical quotation of gold market: displays the historical quotation statistics of gold market.
6. Member basic information inquiry: displays the basic information of all members of the Exchange.
7. Market announcements and other information.
Thirty-eighth members can count their own trading information through the trading system, including:
1, historical market statistics: statistics the historical trading market of this member.
2. Historical turnover statistics: Statistics the historical turnover of this member according to trading tools, varieties and trading directions.
3. Statistics of quotations of the day: Statistics of all quotations of this member.
4, member transaction statistics, including:
(1) Real-time transaction: count the real-time transaction records of this member.
(2) Historical transactions: statistics of the member's historical transaction records.
5. Inquire about members' funds: inquire about the balance of funds and accrued interest of members in the accounts designated by the Exchange.
6. Member's gold inventory inquiry: inquire about the member's gold inventory in the warehouse designated by the exchange and other related information.
Chapter VIII Agency Business
Thirty-ninth agency business refers to the activities of financial comprehensive members to accept the entrustment of customers and conduct transactions on their behalf. The procedure is as follows:
(1) The customer entrusts the member company to handle the account opening procedures, and both parties sign the transaction agency agreement according to the agency articles.
(2) The Exchange implements the system of customer code registration and filing. When a customer opens an account, it shall be numbered by the member unit according to the unified coding rules of the Exchange, with one code for each household and special code for special use, and mixed code transactions are not allowed.
(3) For each transaction, the customer sends a transaction instruction through the entrusted member.
(4) After each transaction is completed, the member unit will inform the customer of the implementation result in time.
(5) Handling financial and delivery matters.
Article 40 The entrusted member may collect the deposit and agency fee from the agent customer according to the relevant regulations and proportions of the Exchange, and the agency fee shall not exceed 1.5% at the maximum.
Article 41 Individual gold trading business shall be conducted through financial members, and relevant administrative measures shall be formulated separately.
Forty-second member agency business and self-operated business accounting accounts must be strictly separated. When both self-operated business and agency business occur in a transaction, agency business must be given priority.
Article 43 A member entrusted by an agent shall not use the customer deposit collected for his own business activities or offset his own debts; Others are not allowed to use customer deposits without authorization or to use customer deposits without authorization to provide guarantees for other people's business activities.
Article 44 A member's proprietary business and agency business must be completed through public bidding transactions of the Exchange, and proprietary business and agency business, agency business and business between members shall not be hedged privately.
Article 45 Members have the responsibility to truthfully provide their credit standing and business information to the entrusting party, fully reveal the trading risks to customers, introduce trading quotations and other information, and provide business training for customers.
Members shall not guarantee profits to customers in any form.
Forty-sixth members and market representatives shall, within the scope of authorization, trading agent according to the requirements of customers, and shall not change the instructions without authorization, and keep secrets for customers.
Article 47 Members shall be fully responsible for the trading agents of their clients. The customer has no direct relationship with the exchange, but has the right to report the problems and disputes in the agency business to the exchange.
Article 48 The ownership of transactions shall inspect and supervise the agency business carried out by members, and relevant management measures shall be formulated separately.
Chapter IX Handling of Abnormal Situations
Article 49 Abnormal circumstances refer to market manipulation, serious distortion of transaction prices, force majeure emergencies and other circumstances stipulated by the People's Bank of China.
Article 50 In the course of trading, under any of the following circumstances, the Exchange may declare an abnormal situation and take emergency measures to eliminate risks:
(1) Due to force majeure such as earthquake, flood, fire, war, strike or other reasons not attributable to the Exchange, the transaction cannot be conducted normally;
(2) The member has a liquidation and settlement crisis;
(3) Other circumstances stipulated in the business rules of the Exchange.
The general manager of the exchange may take emergency measures such as adjusting the opening time and suspending trading when the abnormal situation mentioned in the preceding paragraph (1) occurs; In case of any abnormal situation mentioned in Items (2) and (3) of the preceding paragraph, the board of directors may decide to take emergency measures such as adjusting the opening time, suspending trading, adjusting the range of price limit, closing positions within a time limit, forcibly closing positions, and restricting the withdrawal of funds.
Article 51 The Exchange must report to the People's Bank of China before announcing the abnormal situation and deciding to take emergency measures.
Article 52 When an exchange announces an abnormal situation and decides to suspend trading, the suspension period shall not exceed 3 trading days, unless it is extended with the approval of the People's Bank of China.
Chapter X Punishment Rules
Article 53 For members who violate the rules and regulations, the transaction owner shall take corresponding punishment measures in accordance with national laws, regulations, policies, market trading rules and other relevant regulations and policies.
Article 54 The member's violations identified in these Rules include:
1, which violates the relevant regulations on the management of the gold market;
2. Deliberately disrupting the trading order and manipulating the market;
3. Assign personnel who have not obtained the qualification certificate of traders to engage in gold trading;
4, in violation of the relevant provisions of the fund settlement and gold delivery, resulting in overdue payment of fund settlement and gold delivery;
5. Failing to pay the membership fee or transaction fee in accordance with the provisions of the Exchange;
6. Malicious destruction of the trading system;
7. Other violations identified by the Exchange.
Article 55 If a member commits one of the acts listed in Article 54, the Exchange will give him a warning, notify him of the seriousness of the case and give him corresponding economic punishment. If the circumstances are particularly serious, the membership shall be suspended or cancelled.
In addition to warnings and announcements, the exchange shall also report the punishment to the competent authority.
Article 56 The person who is directly responsible for the acts listed in Article 54, if the circumstances are serious, shall be punished by the owner of the transaction to suspend or cancel his trading qualification.
Traders who are punished by suspension of qualification must go through retraining of the exchange before they can take up their posts.
A trader who has been punished by the disqualification of a trader may not apply for the qualification of a trader again within three years.
Chapter II XI Supplementary Provisions
Article 57 The right to interpret and amend these Rules belongs to the Exchange.
Article 58 These Rules shall come into force as of the date of promulgation.